Avoiding mortgage rip-offs
Consumer Mortgage Audit Center Reveals the 5 Most Common Mortgage Violations
RISMEDIA, July 17, 2009-Ninety-eight percent of all mortgages are potentially eligible to be renegotiated due to Truth in Lending Act violations according to a review of thousands of mortgage documents undertaken by the Consumer Mortgage Audit Center (CMAC). The vast majority of the violations tend to take the form of missing paperwork, bad “good-faith” estimates, hidden and misrepresented payments, double-dipping brokers, and the lack of documentation of income for borrowers.
“Every day, the Consumer Mortgage Audit Center conducts comprehensive audits of mortgage documentation, and every day we find egregious and occasionally intentional mortgage violations,” said Sylvia Alayon, vice president of operations for CMAC. “While not all mortgage violations are necessarily malicious acts on the part of financial institutions, there are some basic areas every consumer should look at before signing a mortgage.”
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